Teletrade Question #2

mr3holesinone · April 14, 2005 4:23AM

While I love the Teletrade concept I am finding it hard compared to EBay and Yahoo auctions. My question concerns how you keep track of your coins you are bidding on and how do you know when you are the high bidder?

I put a bid in of $280 for my maximum bid. I last checked the auction around 7 pm and was the current high bidder at $260. The auctions close at 9 pm. I checked back around midnight and found out the coin sold for $280. Problem is I didn't win the coin.

I emailed Teletrade and haven't heard back yet. Any suggestions?

Longacre · April 14, 2005 4:29AM

On Teletrade, I don't think there is any way for you to tell if you are the high bidder. Hopefully someone else knows, but I have not been able to figure it out.

mirabela · April 14, 2005 4:33AM

Maybe somebody else put in a bid of 280 before you did? Just a guess.

ss350camaro · April 14, 2005 4:34AM

<< <i>Maybe somebody else put in a bid of 280 before you did? Just a guess. >>

I was in a similar situation. When i plugged in my high bid their system alerted me that another bidder already held that bid amount.
If i wanted to continue i would have to bid to the next increment.

mozin · April 14, 2005 4:35AM

You can try signing into Teletrade and clicking on account information.

The situation where someone else won the lot for the same $280 you set as your max could be explained by the winner placing their $280 bid before yours.

ss350camaro · April 14, 2005 4:36AM

Another guess would be that you didn't finalize your maximum bid maybe ?

I know that you have to go thru a couple steps to get it completed.

pharmer · April 14, 2005 4:42AM

Do you use the track and bid function? It takes a few seconds to reload, and you will want to refresh when you get back to it from confirming your bid, but your bid will be in green and it will say if you are high bidder, black with a higher number if not, and you will have to bid again, and do it all again with track and bid. Definitely not as user friendly as Heritage.

mr3holesinone · April 14, 2005 4:50AM

That's just it. When I checked the auction around 7:30 pm I was the current highest bidder at $260 and since my high bid was $280 I thought I had precedence over any other $280 bid. It does flash green next to the lot so you know it is your current bid that's winning so I know I was winning it at that time. Just going to take a while to figure out I guess.

Longacre · April 14, 2005 4:52AM

Let us know what you find out.

TommyType · April 14, 2005 4:58AM

I understand your question since I THINK the Teletrade bidding system is SUPPOSED to allow only one bidder at any specific level. In other words, when you bid $280, you should have either "owned" that bid, or should have been told that someone else had that bid.

It happened to me a few years ago too, (losing a coin at the bid increment I thought was mine), but I didn't pursue it at the time.

It may have something to do with a disconnect between one person placing a max bid prior to the auction starting, and someone else bidding live? If my understanding of the rules is correct, they should certainly be able to design their system to handle it.

mr3holesinone · April 14, 2005 5:04AM

Don't know if it matters or not but my bid was placed two or three days prior to the start of the auction.

If I find anything out from Teletrade I'll certainly post it. Thanks for the help, Jerry

LeeG · April 14, 2005 5:43AM

I don't understand TT's system either. I've always won at my Max Bid. I don't max bid on TT anymore because of this. If I see something I'm interested in I'll place a bid, not my max, and track it. Lee

relayer · April 14, 2005 6:19AM

If the sellers has a buy-back bid (like a reserve) and the bidding doesn't reach that amount the coin does not sell.

After the auction closes you can look at the "Prices Realized" for that auction - if the coin isn't listed it means it did not sell (i.e. it did not meet the sellers minimum bid).

It is annoying and hokey(sp?), but that is how they do it.

stev32k · April 14, 2005 6:49AM

Teletrade is really annoying to me. I've bid on about 10 coins and never won any of them. None of them showed up as sold so I guess the bid did not reach the reserve. I wish there was some way you could tell what has a reserve and what doesn't. I also wish they would tell you the status of your bid when the auction is over. It would be nice to know how high the bidding went when the reserve was not met. That would give you some idea of what to bid next time. In my case every coin I bid on just disappeared after the auction was over - like it was never there.

mirabela · April 14, 2005 6:56AM

I've had only good experiences with Teletrade, actually. Yes, some coins have 'disappeared' when the reserve wasn't met, which is annoying. However, I've bought a number at less than my max, often by several increments. Everything I've received from them has been decent or better than that, and a few fantastic coins have come at very ordinary prices (thank their dead-looking pictures for that). I bought an absolutely jawdropping toned MS64 Morgan from them a couple weeks ago at basically no premium at all. I don't buy all that much from them, but I've been happy with I've bought.

Still, your situation is strange -- I've had it tell me before that somebody else "owned" a bid level, so I wonder what happened to your bid.

Teletrade Question #2

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